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Hopf Bifurcation in a Cobweb Model with Discrete Time Delays
Joint Authors
Gori, Luca
Sodini, Mauro
Guerrini, Luca
Source
Discrete Dynamics in Nature and Society
Issue
Vol. 2014, Issue 2014 (31 Dec. 2014), pp.1-8, 8 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2014-06-12
Country of Publication
Egypt
No. of Pages
8
Main Subjects
Abstract EN
We develop a cobweb model with discrete time delays that characterise the length of production cycle.
We assume a market comprised of homogeneous producers that operate as adapters by taking the (expected) profit-maximising quantity as a target to adjust production and consumers with a marginal willingness to pay captured by an isoelastic demand.
The dynamics of the economy is characterised by a one-dimensional delay differential equation.
In this context, we show that (1) if the elasticity of market demand is sufficiently high, the steady-state equilibrium is locally asymptotically stable and (2) if the elasticity of market demand is sufficiently low, quasiperiodic oscillations emerge when the time lag (that represents the length of production cycle) is high enough.
American Psychological Association (APA)
Gori, Luca& Guerrini, Luca& Sodini, Mauro. 2014. Hopf Bifurcation in a Cobweb Model with Discrete Time Delays. Discrete Dynamics in Nature and Society،Vol. 2014, no. 2014, pp.1-8.
https://search.emarefa.net/detail/BIM-448630
Modern Language Association (MLA)
Gori, Luca…[et al.]. Hopf Bifurcation in a Cobweb Model with Discrete Time Delays. Discrete Dynamics in Nature and Society No. 2014 (2014), pp.1-8.
https://search.emarefa.net/detail/BIM-448630
American Medical Association (AMA)
Gori, Luca& Guerrini, Luca& Sodini, Mauro. Hopf Bifurcation in a Cobweb Model with Discrete Time Delays. Discrete Dynamics in Nature and Society. 2014. Vol. 2014, no. 2014, pp.1-8.
https://search.emarefa.net/detail/BIM-448630
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-448630